"The performance in the first half of the year reflected our focus on operational superiority and efficiency amid conducive coal market," President Director and CEO of the publicly listed coal mining company Garibaldi Thohir said here on Thursday.
Strong financial position provided room to face dynamic coal market and enable the company to implement long term growth strategy, Thohir said.
"We are always optimistic with long term coal market fundamental and will continue to focus on sustainable value creation," he added.
He said coal division contributes 92 percent to the company`s income with non-coal divisions contributing only 8 percent.
"The two segments recorded an increase in income . Income from non coal businesses also increase," he said.
Profit in the first six months of 2018 was US$195.38 million down from US$222.39 million in the same period last year.
The total assets of the company were valued at US$6.784 billion or 3 percent larger than in the same period last year.
Current assets fell 5 percent to US$1.689 billion and non current assets rose 6 percent to US$5.095 billion.
In the first half of the year , Adaro Energy spent US$161 million for capital expenditure, used mainly for the procurement and replacement of heavy equipment and development of metallurgy coal asset.
Adaro is one of the country`s largest coal producers with mines in Kalimantan
Reporting by Zubi Mahrofi
Editing by A Saragih, A Abdussalam
Reporter: Antara
Editor: Fardah Assegaf
Copyright © ANTARA 2018
